The BBC News is reporting that Andrew Lloyd Weber’s foundation has settled the restitution claim with the heirs of Paul von Mendelssohn-Batholdy. When the work was originally to be sold at Christie’s estimates gave it value around $60m.

In a statement on Thursday, his heirs announced they had reached a settlement agreement with the trustees of The Andrew Lloyd Webber Art Foundation, relinquishing all claims of title to the painting.

The foundation said it was “pleased” by the annoucement. It is not known what will happen to the painting now. Lord Lloyd-Webber bought the painting in 1995 for £18m. […] The musician’s foundation had planned to donate the money raised from the auction to a variety of arts charities.

Lloyd Webber Art Dispute Resolved (BBC News)